X Ltd, Y Ltd, and Z Ltd enter into a contractual agreement on 1 July 2017 to form a joint operation (JO). The joint operation agreement states that X Ltd, Y Ltd, and Z Ltd will share output, contributions and cost in the ratio of 50:30:20 and that X Ltd, Y Ltd, and Z Ltd hold the joint operation assets as tenants in common. The initial contribution by the joint operators on 1 July 2017 and the management financial statement of the joint operation for the year ended 30 June 2018 are presented as follows:

Initial contribution to the Joint Operation
Joint operator	Asset contributed	Fair value
X Ltd	Equipment	$50,000
Y Ltd	Cash	$24,000
	Patent	$  6,000
Z Ltd	Land	$20,000

The equipment contributed by X Ltd was recorded in its book at a cost of $90,000 and accumulated depreciation of $20,000. The Patent contributed by Y Ltd was recorded in its books at its cost of $8,000 and accumulated amortization of $3,000. The land contributed by Z Ltd was purchased at the cost of $10,000 on 1 January 2011.

How much should Y Ltd record in its ‘Interest in JO’ account on 1 July 2017?

a). 29,700
b). 29,000
c). None of the others
d). 30,000